Bond JPMorgan Chase 3.25% ( US48126DZQ59 ) in USD

Issuer JPMorgan Chase
Market price 100 %  ▼ 
Country  United States
ISIN code  US48126DZQ59 ( in USD )
Interest rate 3.25% per year ( payment 2 times a year)
Maturity 31/03/2023 - Bond has expired



Prospectus brochure of the bond JP Morgan US48126DZQ59 in USD 3.25%, expired


Minimal amount 1 000 USD
Total amount 1 697 000 USD
Cusip 48126DZQ5
Standard & Poor's ( S&P ) rating N/A
Moody's rating N/A
Detailed description JPMorgan Chase & Co. is a leading global financial services firm offering investment banking, asset and wealth management, and consumer and community banking services.

The Bond issued by JPMorgan Chase ( United States ) , in USD, with the ISIN code US48126DZQ59, pays a coupon of 3.25% per year.
The coupons are paid 2 times per year and the Bond maturity is 31/03/2023







http://www.sec.gov/Archives/edgar/data/19617/000089109213002689/e...
424B2 1 e52777_424b2.htm PRICING SUPPLEMENT NO. 1209
CALCULATION OF REGISTRATION FEE
Title of Each Class of
Maximum Aggregate
Amount of
Securities Offered
Offering Price
Registration Fee
Notes
$1,697,000
$231.47

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Pricing supplement no. 1209
Registration Statement No. 333-177923
To prospectus dated November 14, 2011,
Dated March 25, 2013
prospectus supplement dated November 14, 2011,
Rule 424(b)(2)
product supplement no. 6-I dated November 14, 2011 and
underlying supplement no. 4-III dated June 29, 2012
$1,697,000
Structured Market-Linked Notes with Contingent Coupons Linked to the Performance of the
Investments
JPMorgan ETF Efficiente 5 Index due March 31, 2023
General
· Unsecured and unsubordinated obligations of JPMorgan Chase & Co. maturing March 31, 2023*
· Cash payment at maturity of principal plus the Additional Amount** and the final Contingent Coupon, if any, as described below
· The notes are designed for investors who seek exposure to any appreciation of the JPMorgan ETF Efficiente 5 Index at maturity and who seek a
Contingent Coupon** with respect to each quarterly Coupon Review Date on which the Index closing level of the JPMorgan ETF Efficiente 5 Index
is greater than or equal to its Initial Index Level. The notes may be appropriate for investors requiring asset and investment strategy diversification.
Investors should be wil ing to forgo fixed coupons and dividend payments, while seeking payment of your principal in ful at maturity. Any payment
on the notes is subject to the credit risk of JPMorgan Chase & Co.
· Investors wil receive no coupon payments if the Index closing level is less than the Initial Index Level on each quarterly Coupon Review Date.
· Investing in the notes is not equivalent to investing in the JPMorgan ETF Efficiente 5 Index, any of the Basket Constituents or any of the assets
underlying the Basket Constituents.
· Minimum denominations of $1,000 and integral multiples thereof
· The notes priced on March 25, 2013 and are expected to settle on or about March 28, 2013.
· The stated payout, including the repayment of principal, is available from JPMorgan Chase & Co. only at maturity.
· The notes wil not be listed on an exchange and may have limited or no liquidity.
· The terms of the notes as set forth below, to the extent they differ or conflict with those set forth in the accompanying product
supplement no. 6-I, will supersede the terms set forth in the accompanying product supplement. Among other things, your payment at
maturity will be determined as described below under "Key Terms -- Payment at Maturity." See "Supplemental Terms of the Notes" in
this pricing supplement for more information.
Key Terms
Index:
JPMorgan ETF Efficiente 5 Index (the "Index")
Payment at Maturity:
At maturity, you wil receive, in addition to the final Contingent Coupon, if any, a cash payment, for each $1,000
principal amount note, of $1,000 plus the Additional Amount**, which may be zero.
You will be entitled to repayment of principal in full only at maturity, subject to the credit risk of
JPMorgan Chase & Co.
Additional Amount**:
The Additional Amount per $1,000 principal amount note payable at maturity wil equal $1,000 × the Index
Return × the Participation Rate, provided that the Additional Amount** wil not be less than zero.
Participation Rate:
100%
Contingent Coupons**:
If the Index closing level on any quarterly Coupon Review Date is greater than or equal to the Initial Index
Level, you wil receive on the applicable Coupon Payment Date for each $1,000 principal amount note a
Contingent Coupon** equal to $1,000 × Coupon Rate × ¼.
If the Index closing level on any Coupon Review Date is less than the Initial Index Level, no Contingent
Coupon will be made on the applicable Coupon Payment Date.
Coupon Rate:
3.25% per annum, if applicable, payable at a rate of 0.8125% per quarter
Coupon Review Dates*:
June 25, 2013, September 25, 2013, December 26, 2013, March 26, 2014, June 25, 2014, September 25,
2014, December 26, 2014, March 26, 2015, June 25, 2015, September 25, 2015, December 28, 2015, March
28, 2016, June 27, 2016, September 27, 2016, December 27, 2016, March 28, 2017, June 27, 2017,
September 26, 2017, December 26, 2017, March 26, 2018, June 26, 2018, September 25, 2018, December
26, 2018, March 26, 2019, June 25, 2019, September 25, 2019, December 26, 2019, March 26, 2020, June
25, 2020, September 25, 2020, December 28, 2020, March 26, 2021, June 25, 2021, September 27, 2021,
December 28, 2021, March 28, 2022, June 27, 2022, September 27, 2022, December 27, 2022 and the
Observation Date
Coupon Payment Dates*:
June 28, 2013, September 30, 2013, December 31, 2013, March 31, 2014, June 30, 2014, September 30,
2014, December 31, 2014, March 31, 2015, June 30, 2015, September 30, 2015, December 31, 2015, March
31, 2016, June 30, 2016, September 30, 2016, December 30, 2016, March 31, 2017, June 30, 2017,
September 29, 2017, December 29, 2017, March 29, 2018, June 29, 2018, September 28, 2018, December
31, 2018, March 29, 2019, June 28, 2019, September 30, 2019, December 31, 2019, March 31, 2020, June
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30, 2020, September 30, 2020, December 31, 2020, March 31, 2021, June 30, 2021, September 30, 2021,
December 31, 2021, March 31, 2022, June 30, 2022, September 30, 2022, December 30, 2022 and the
Maturity Date
Index Return:
Ending Index Level ­ Initial Index Level
Initial Index Level
Initial Index Level:
The Index closing level on the pricing date, which is 117.78
Ending Index Level:
The Index closing level on the Observation Date
Observation Date*:
March 28, 2023
Maturity Date*:
March 31, 2023
CUSIP:
48126DZQ5
ISIN:
US48126DZQ59
*
Subject to postponement in the event of a market disruption event and as described under "Description of Notes -- Payment at Maturity,"
"Description of Notes -- Interest Payments" in the accompanying product supplement no. 6-I and "Supplemental Terms of Notes -- Postponement
of a Determination Date -- Notes linked solely to the ETF Efficiente Index" in the accompanying underlying supplement no. 4-III and "Supplemental
Terms of the Notes" in this pricing supplement.
**
Subject to the impact of a commodity hedging disruption event as described under "General Terms of Notes -- Additional Index Provisions -- A.
Consequences of a Commodity Hedging Disruption Event -- Early Determination of the Additional Amount" in the accompanying product
supplement no. 6-I. In the event of a commodity hedging disruption event, we have the right, but not the obligation, to cease paying further
Contingent Coupons and to cause the note calculation agent to determine on the commodity hedging disruption date the value of the Additional
Amount payable at maturity. Under these circumstances, the value of the Additional Amount payable at maturity wil be determined prior to, and
without regard to the level of the Index on, the Observation Date. Please see "Selected Risk Considerations -- We May Determine the Additional
Amount for Your Notes Early If a Commodity Hedging Disruption Event Occurs" for additional information.
Investing in the notes involves a number of risks. See "Risk Factors" beginning on page PS-16 of the accompanying product supplement
no. 6-I, "Risks Factors" beginning on page US-6 of the accompanying underlying supplement no. 4-III and "Selected Risk Considerations"
beginning on page PS-5 of this pricing supplement.
Neither the Securities and Exchange Commission (the "SEC") nor any state securities commission has approved or disapproved of the notes or passed
upon the accuracy or the adequacy of this pricing supplement or the accompanying product supplement, underlying supplement, prospectus supplement
and prospectus. Any representation to the contrary is a criminal offense.

Price to Public (1)
UBS Commissions (2)
Other Fees (3)
Proceeds to Us
Per note
$1,000
$50
$20
$930
Total
$1,697,000
$84,850
$33,940
$1,578,210
(1) The price to the public includes the estimated cost of hedging our obligations under the notes through one or more of our affiliates.
(2) UBS Financial Services Inc., which we refer to as UBS, wil receive a commission of $50.00 per $1,000 principal amount note.
(3) J.P. Morgan Securities LLC, which we refer to as JPMS, wil receive compensation of $20.00 per $1,000 principal amount note, which reflects the
projected profits that our affiliates expect to realize for assuming the risks inherent in hedging our obligations under the notes. For additional
related information, please see "Supplemental Plan of Distribution" in this pricing supplement.
The notes are not bank deposits and are not insured by the Federal Deposit Insurance Corporation or any other governmental agency, nor are they
obligations of, or guaranteed by a bank.
UBS Financial Services Inc.
March 25, 2013

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Additional Terms Specific to the Notes
You should read this pricing supplement together with the prospectus dated November 14, 2011, as supplemented by the prospectus supplement dated
November 14, 2011 relating to our Series E medium-term notes of which these notes are a part, and the more detailed information contained in product
supplement no. 6-I dated November 14, 2011 and underlying supplement no. 4-III dated June 29, 2012. This pricing supplement, together with the
documents listed below, contains the terms of the notes, supplements the term sheet related hereto dated March 1, 2013 and supersedes
all other prior or contemporaneous oral statements as well as any other written materials including preliminary or indicative pricing terms,
correspondence, trade ideas, structures for implementation, sample structures, fact sheets, brochures or other educational materials of
ours. You should careful y consider, among other things, the matters set forth in "Risk Factors" in the accompanying product supplement no. 6-I and
"Risk Factors" in the accompanying underlying supplement no. 4-III, as the notes involve risks not associated with conventional debt securities. We urge
you to consult your investment, legal, tax, accounting and other advisers before you invest in the notes.
You may access these documents on the SEC website at www.sec.gov as fol ows (or if such address has changed, by reviewing our filings for the
relevant date on the SEC website):
· Product supplement no. 6-I dated November 14, 2011:
http://www.sec.gov/Archives/edgar/data/19617/000089109211007596/e46161_424b2.pdf
· Underlying supplement no. 4-III dated June 29, 2012:
http://www.sec.gov/Archives/edgar/data/19617/000089109212003615/e48971_424b2.pdf
· Prospectus supplement dated November 14, 2011:
http://www.sec.gov/Archives/edgar/data/19617/000089109211007578/e46180_424b2.pdf
· Prospectus dated November 14, 2011: http://www.sec.gov/Archives/edgar/data/19617/000089109211007568/e46179_424b2.pdf
You may access additional information regarding The JPMorgan ETF Efficiente 5 Index in the Strategy Guide at the fol owing URL: http://www.sec.gov
/Archives/edgar/data/19617/000095010312003770/crt-dp31861_fwp.pdf
Our Central Index Key, or CIK, on the SEC website is 19617. As used in this pricing supplement, the "Company," "we," "us" and "our" refer to
JPMorgan Chase & Co.
We may create and issue additional notes with the same terms as these notes, so that any additional notes wil be considered part of the same tranche
as these notes.
Supplemental Terms of the Notes
For purposes of the notes offered by this pricing supplement:
· al references to "Interest Rate" and "Interest Payment Date" in the accompanying product supplement no. 6-I are deemed to refer to
"Coupon Rate" and "Coupon Payment Date," respectively.
· the Coupon Review Dates are Determination Dates as described in the accompanying product supplement no. 6-I and are subject to
postponement as described under "Supplemental Terms of Notes -- Postponement of a Determination Date -- Notes linked solely to the ETF
Efficiente Index" in the accompanying underlying supplement no. 4-III. If, due to a non-trading day or a market disruption event, a Coupon
Review Date is postponed so that it fal s less than three business days prior to the applicable scheduled Coupon Payment Date, that Coupon
Payment Date wil be postponed to the third business day fol owing that Coupon Review Date, as postponed, and the applicable Contingent
Coupon wil be payable on that Coupon Payment Date, as postponed, with the same force and effect as if that Coupon Payment Date had
not been postponed, and no additional interest wil accrue or be payable as a result of the delayed payment;
· Contingent Coupons wil be calculated as described above under "Key Terms -- Contingent Coupons" and "Key Terms -- Coupon Rate" and
wil not be calculated based on a 360-day year of twelve 30-day months;
· notwithstanding anything to the contrary in the accompanying product supplement no. 6-I, in case an event of default with respect to the notes
shall have occurred and be continuing, the amount declared due and payable per $1,000 principal amount note upon any acceleration of the
notes wil be determined by the note calculation agent and wil be an amount in cash equal to the amount payable at maturity per $1,000
principal amount note as described above under "Key Terms -- Payment at Maturity," calculated as if the date of acceleration were (a) the
Observation Date, (b) the final Coupon Review Date and (c) the Final Disrupted Determination Date (if the date of acceleration is a Disrupted
Day), provided that any Contingent Coupon payable as a result of treating the
JPMorgan Structured Investments --
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date of acceleration as the final Coupon Review Date wil be prorated based on the ratio of the actual number of days from and including the
previous Coupon Payment Date to but excluding the accelerated maturity date over the number of days from and including the previous
Coupon Payment Date to but excluding the next scheduled Coupon Payment Date;
· notwithstanding anything to the contrary in the accompanying product supplement no. 6-I or the underlying supplement no. 4-III, the
consequences of a commodity hedging disruption event wil be as fol ows:
If a commodity hedging disruption event (as defined under "General Terms of Notes -- Additional Index Provisions -- A. Consequences of a
Commodity Hedging Disruption Event -- Commodity Hedging Disruption Events" in the accompanying product supplement no. 6-I) occurs, we
wil have the right, but not the obligation, to cease paying further Contingent Coupons and to adjust your payment at maturity based on
determinations made by the note calculation agent described below. If we choose to exercise this right, in making this adjustment, the note
calculation agent wil determine, in good faith and in a commercial y reasonable manner, the Option Value (as defined below) as of the date
on which the note calculation agent determines that a commodity hedging disruption event has occurred (such date, a "commodity hedging
disruption date"). The "Option Value" wil be a fixed amount representing the forward price of the embedded option representing the
Additional Amount payable on the notes at maturity and the forward price of the embedded option representing all of the potential remaining
Contingent Coupons from but excluding the commodity hedging disruption date through and including the final Coupon Payment Date,
provided that the Option Value may not be less than zero. If we choose to exercise our right to determine the Option Value, we wil pay you
at maturity, instead of any future Contingent Coupons and the payment at maturity calculated as described above under "Key Terms --
Payment at Maturity," an amount equal to (1) the Option Value (which may not be less than zero) plus (2) $1,000. The commodity hedging
disruption event may occur prior to the Observation Date. We wil provide, or cause the note calculation agent to provide, written notice of our
election to exercise this right to the trustee at its New York office. We (or the note calculation agent) wil deliver this notice as promptly as
possible and in no event later than the fifth business day immediately fol owing the commodity hedging disruption date. Additionally, we will
specify in the notice the Option Value as determined on the commodity hedging disruption date.
JPMorgan Structured Investments --
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The JPMorgan ETF Efficiente 5 Index
The JPMorgan ETF Efficiente 5 Index (the "Index") was developed and is maintained and calculated by J.P. Morgan Securities plc (formerly known as
J.P. Morgan Securities Ltd.) ("JPMS plc"), one of our affiliates. JPMS plc acts as the calculation agent for the Index (the "index calculation agent"). The
Index is a notional dynamic basket that tracks the excess return of a portfolio of 12 exchange-traded funds ("ETFs") (each an "ETF Constituent," and
col ectively the "ETF Constituents"), with dividends reinvested, and the JPMorgan Cash Index USD 3 Month (the "Cash Constituent") (each a "Basket
Constituent," and col ectively the "Basket Constituents") above the return of the Cash Constituent, less a fee of 0.50% per annum that accrues daily.
The Basket Constituents represent a diverse range of asset classes and geographic regions.
The Index rebalances monthly a synthetic portfolio composed of the Basket Constituents. The Index is based on the "modern portfolio theory" approach
to asset al ocation, which suggests how a rational investor should al ocate his capital across the available universe of assets to maximize return for a
given risk appetite. The Index uses the concept of an "efficient frontier" to define the asset al ocation of the Index. An efficient frontier for a portfolio of
assets defines the optimum return of the portfolio for a given amount of risk. The Index uses the volatility of returns of hypothetical portfolios as the
measure of risk. This strategy is based on the assumption that the most efficient allocation of assets is one that maximizes returns per unit of risk. The
index level of the ETF Efficiente Index is determined by tracking the return of the synthetic portfolio above the return of the Cash Constituent. The
weights assigned to the Basket Constituents within the synthetic portfolio are rebalanced monthly. The strategy assigns the weights to the Basket
Constituents based upon the returns and volatilities of multiple hypothetical portfolios comprising the Basket Constituents measured over the previous
six months. The re-weighting methodology seeks to identify the weight for each Basket Constituent that would have resulted in the hypothetical portfolio
with the highest return over the relevant measurement period, subject to an annualized volatility over the same period of 5% or less. Thus, the portfolio
exhibiting the highest return with an annualized volatility of 5% or less is then selected, with the weightings for such portfolio applied to the Basket
Constituents. In the event that none of the portfolios has an annualized volatility equal to or less than 5%, this volatility threshold is increased by 1% and
this analysis performed again until a portfolio is selected. The weight of the Cash Constituent at any given time represents the portion of the synthetic
portfolio that is uninvested at that time and the Index wil reflect no return for that portion.
No assurance can be given that the investment strategy used to construct the Index will be successful or that the Index will outperform any
alternative basket or strategy that might be constructed from the Basket Constituents. Furthermore, no assurance can be given that the
Index will achieve its target volatility of 5%. The actual realized volatility of the Index may be greater or less than 5%.
The Index is described as a "notional" or synthetic portfolio or basket of assets because there is no actual portfolio of assets to which any
person is entitled or in which any person has any ownership interest. The Index merely references certain assets, the performance of which
will be used as a reference point for calculating the level of the Index.
The fol owing are the Basket Constituents composing the Index and the maximum weighting constraints assigned to the relevant sector and asset type
to which each belongs:

Sector Cap
Basket Constituent
Asset
Cap
1
Developed Equities
SPDR® S&P 500® ETF Trust
20%
50%
2
iShares® Russel 2000 Index Fund
10%
3
iShares® MSCI EAFE Index Fund
20%
4
Bonds
iShares® Barclays 20+ Year Treasury Bond Fund
20%
50%
5
iShares® iBoxx $ Investment Grade Corporate Bond Fund
20%
6
iShares® iBoxx $ High Yield Corporate Bond Fund
20%
7
Emerging Markets
iShares® MSCI Emerging Markets Index Fund
20%
25%
8
iShares® Emerging Markets Bond Fund
20%
9
Alternative
iShares® Dow Jones Real Estate Index Fund
20%
Investments
10
25%
iShares® S&P GSCITM Commodity-Indexed Trust
10%
11
SPDR® Gold Trust
10%
12
Inflation Protected Bonds
iShares® Barclays TIPS Bond Fund
50%
and Cash
13
50%
JPMorgan Cash Index USD 3 Month
50%
See "The JPMorgan ETF Efficiente 5 Index " in the accompanying underlying supplement no. 4-III for more information about the Index and
the Basket Constituents.
The level of the Index is published each trading day under the Bloomberg ticker symbol "EEJPUS5E."
JPMorgan Structured Investments --
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Selected Purchase Considerations
· POTENTIAL PRESERVATION OF CAPITAL AT MATURITY -- Subject to the credit risk of JPMorgan Chase & Co., the payout formula al ows
you to receive at least your initial investment in the notes if you hold the notes to maturity, regardless of the performance of the Index. Because
the notes are our unsecured and unsubordinated obligations, payment of any amount on the notes is subject to our ability to pay our
obligations as they become due.
· APPRECIATION POTENTIAL -- At maturity, in addition to your principal and the final Contingent Coupon, if any, for each $1,000 principal amount
note you wil receive a payment equal to $1,000 × the Index Return × the Participation Rate of 100%, provided that this payment (the Additional
Amount) wil not be less than zero.
· QUARTERLY CONTINGENT COUPONS -- The notes offer the potential to earn a Contingent Coupon in connection with each quarterly Coupon
Review Date of $1,000 × the Coupon Rate × ¼ per $1,000 principal amount note. The Coupon Rate is 3.25% per annum, payable at a rate of
0.8125% per quarter. If the Index closing level on any Coupon Review Date is greater than or equal to the Initial Index Level, you will receive a
Contingent Coupon on the applicable Coupon Payment Date. If the Index closing level on any Coupon Review Date is less than the Initial Index
Level, no Contingent Coupon wil be payable on the applicable Coupon Payment Date. If payable, a Contingent Coupon wil be paid to the holders
of record at the close of business on the business day immediately preceding the applicable Coupon Payment Date.
· RETURN LINKED TO A NOTIONAL DYNAMIC BASKET THAT TRACKS THE EXCESS RETURN OF A PORTFOLIO OF TWELVE ETFs AND
ONE INDEX, REPRESENTING A DIVERSE RANGE OF ASSETS AND GEOGRAPHIC REGIONS -- The return on the notes is linked to the
performance of the JPMorgan ETF Efficiente 5 Index. The Index tracks the excess return of a portfolio of twelve ETFs and the Cash Constituent
using an investment strategy that is based on the modern portfolio theory of asset allocation, which suggests how a rational investor should
al ocate his capital across the available universe of assets to maximize return for a given risk appetite. The Index uses the concept of an "efficient
frontier" to define the asset al ocation of the Index. An efficient frontier for a portfolio of assets defines the optimum return of the portfolio for a
given amount of risk. The Index uses the volatility of returns of hypothetical portfolios as the measure of risk. This strategy is based on the
assumption that the most efficient al ocation of assets is one that maximizes returns per unit of risk. See "The JPMorgan ETF Efficiente 5 Index " in
the accompanying underlying supplement no. 4-III.
· TAXED AS CONTINGENT PAYMENT DEBT INSTRUMENTS -- You should review careful y the section entitled "Material U.S. Federal Income
Tax Consequences" and in particular the subsection thereof entitled "--Notes Treated as Contingent Payment Debt Instruments" in the
accompanying product supplement no. 6-I. In the opinion of our special tax counsel, Davis Polk & Wardwel LLP, the notes wil be treated for U.S.
federal income tax purposes as "contingent payment debt instruments." You general y wil be required to accrue original issue discount on your
notes in each taxable year at the "comparable yield," as determined by us, subject to certain adjustments to reflect the differences between the
actual and "projected" amounts of any payments you receive during the year, with the result that your taxable income in any year may differ
significantly from the Contingent Coupons, if any, you receive in that year. Upon sale or exchange (including at maturity), you wil recognize taxable
income or loss equal to the difference between the amount received from the sale or exchange and your adjusted basis in the note, which
general y wil equal the cost thereof, increased by the amount of original issue discount you have accrued in respect of the note (determined
without regard to any of the adjustments described above), and decreased by the amount of any projected payments in respect of the note
through the date of the sale or exchange. You general y must treat any income as interest income and any loss as ordinary loss to the extent of
previous interest inclusions, and the balance as capital loss. The deductibility of capital losses is subject to limitations. Special rules may apply if
we elect to pay you the "Option Value" in lieu of any remaining Contingent Coupons and the Additional Amount, as a result of a commodity hedging
disruption event as described above in "Supplemental Terms of the Notes." Under these rules, you would be required to account for the differences
between the originally projected payments and the fixed amounts of those payments (i.e., for each Contingent Coupon, zero, and for the Additional
Amount, the Option Value) in a reasonable manner over the period to which the differences relate. In addition, you would be required to make
adjustments to, among other things, your accrual periods and your adjusted basis in your notes. The character of any gain or loss on a sale or
exchange of your notes would also be affected. You should consult your tax adviser concerning the application of these rules. Purchasers who are
not initial purchasers of notes at their issue price should consult their tax advisers with respect to the tax consequences of an investment in notes,
including the treatment of the difference, if any, between the basis in their notes and the notes' adjusted issue price.
JPMorgan Structured Investments --
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Non-U.S. Holders -- Additional Tax Consideration
Non-U.S. Holders should note that recently proposed Treasury regulations, if finalized in their current form, could impose a withholding tax at a rate
of 30% (subject to reduction under an applicable income tax treaty) on amounts attributable to U.S.-source dividends (including, potential y,
adjustments to account for extraordinary dividends) that are paid or "deemed paid" after December 31, 2013 under certain financial instruments, if
certain other conditions are met. While significant aspects of the application of these proposed regulations to the notes are uncertain, if these
proposed regulations were finalized in their current form, we (or other withholding agents) might determine that withholding is required with respect
to notes held by a Non-U.S. Holder or that the Non-U.S. Holder must provide information to establish that withholding is not required. Non-U.S.
Holders should consult their tax advisers regarding the potential application of these proposed regulations. If withholding is required, we will not be
required to pay any additional amounts with respect to amounts so withheld.
The discussion in the preceding paragraphs, when read in combination with the section entitled "Material U.S. Federal Income Tax Consequences"
(and in particular the subsection thereof entitled "--Notes Treated as Contingent Payment Debt Instruments") in the accompanying product
supplement, constitutes the ful opinion of Davis Polk & Wardwel LLP regarding the material U.S. federal income tax consequences of owning and
disposing of notes.
· COMPARABLE YIELD AND PROJECTED PAYMENT SCHEDULE -- We have determined that the "comparable yield" is an annual rate of 3.38%,
compounded quarterly. Based on our determination of the comparable yield, the "projected payment schedule" per $1,000 principal amount note
consists of the fol owing payments:
Projected Payment
Payment Dates
Amounts
June 28, 2013
$6.41
September 30, 2013
$6.55
December 31, 2013
$6.24
March 31, 2014
$6.24
June 30, 2014
$6.24
September 30, 2014
$6.08
December 31, 2014
$6.08
March 31, 2015
$6.08
June 30, 2015
$6.08
September 30, 2015
$5.91
December 31, 2015
$5.91
March 31, 2016
$5.91
June 30, 2016
$5.75
September 30, 2016
$5.75
December 30, 2016
$5.75
March 31, 2017
$5.81
June 30, 2017
$5.58
September 29, 2017
$5.52
December 29, 2017
$5.58
March 29, 2018
$5.42
June 29, 2018
$5.42
September 28, 2018
$5.36
December 31, 2018
$5.37
March 29, 2019
$5.20
June 28, 2019
$5.20
September 30, 2019
$5.37
December 31, 2019
$5.26
March 31, 2020
$5.09
June 30, 2020
$5.09
September 30, 2020
$5.09
December 31, 2020
$5.09
March 31, 2021
$4.93
JPMorgan Structured Investments --
PS-5
Market-Linked Notes with Contingent Coupons Linked to the JPMorgan ETF Efficiente 5 Index

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Projected Payment
Payment Dates
Amounts
June 30, 2021
$4.93
September 30, 2021
$4.93
December 31, 2021
$4.76
March 31, 2022
$4.76
June 30, 2022
$4.76
September 30, 2022
$4.60
December 30, 2022
$4.60
March 31, 2023
$1,138.01
Neither the comparable yield nor the projected payment schedule constitutes a representation by us regarding the actual amount of
any Contingent Coupon Payment or the Additional Amount that we will pay on the notes.
In addition, assuming quarterly accrual periods, the fol owing table sets out the amount of OID that wil accrue with respect to a note during each
calendar year, based upon our determination of the comparable yield and projected payments schedule:
Accrued OID
Total Accrued OID from
During Calendar
Issue Date (Per $1,000 Principal

Period (Per $1,000 Principal
Amount Note) as of
Calendar Period
Amount Note)
End of Calendar Period
March 28, 2013 through December 31, 2013
$25.60
$25.60
January 1, 2014 through December 31, 2014
$34.12
$59.72
January 1, 2015 through December 31, 2015
$34.47
$94.19
January 1, 2016 through December 31, 2016
$34.94
$129.13
January 1, 2017 through December 31, 2017
$35.25
$164.38
January 1, 2018 through December 31, 2018
$35.70
$200.08
January 1, 2019 through December 31, 2019
$36.19
$236.27
January 1, 2020 through December 31, 2020
$36.72
$272.99
January 1, 2021 through December 31, 2021
$37.29
$310.28
January 1, 2022 through December 31, 2022
$38.02
$348.30
January 1, 2023 through March 31, 2023
$4.49
$352.79
The amounts you actually receive on any Coupon Payment Date, at maturity or upon any earlier sale or exchange of your notes will
affect your income for that year, as described above under "-- Taxed as Contingent Payment Debt Instruments."
Selected Risk Considerations
An investment in the notes involves significant risks. Investing in the notes is not equivalent to investing directly in the Index, any of the Basket
Constituents or any of the securities, commodities, commodity futures contracts or other assets underlying the Basket Constituents. These risks are
explained in more detail in the "Risk Factors" section of the accompanying product supplement no. 6-I dated November 14, 2011 and the "Risk Factors"
section of the accompanying underlying supplement no. 4-III dated June 29, 2012.
· MARKET RISK -- The return on the notes at maturity is linked to the performance of the Index, and wil depend on whether, and the extent to
which, the Index Return is positive and whether Contingent Coupons are payable over the term of the notes, including at maturity. YOU WILL
RECEIVE NO MORE THAN THE PRINCIPAL AMOUNT OF YOUR NOTES AT MATURITY IF THE INDEX RETURN IS NEGATIVE.
· THE NOTES MIGHT NOT PAY MORE THAN THE PRINCIPAL AMOUNT AT MATURITY -- You may receive a lower payment at maturity than
you would have received if you had invested directly in the Index, any of its Basket Constituents or any of the securities, commodities, commodity
futures contracts or other assets underlying the Basket Constituents or contracts relating to the Index or any of the Basket Constituents for which
there is an active secondary market or if you had invested in conventional debt securities with the same maturity issued by us. If the Ending Index
Level does not exceed the Initial Index Level, the Additional Amount wil be zero. In addition, you wil not receive any Contingent Coupon at maturity
if the Ending Index Level is less than the Initial Index Level. This wil be true even if the level of the Index was higher than the Initial Index Level at
some time during the term of the notes but fal s below the Initial Index Level on the Observation Date.
· THE NOTES DO NOT PROVIDE FOR REGULAR COUPONS, AND YOU MAY NOT RECEIVE ANY COUPONS THROUGHOUT THE
TEN-YEAR TERM OF THE NOTES -- The terms of the notes differ from those of conventional debt securities in that, among other things,
whether we pay coupons is linked to the performance of the Index. We wil pay a
JPMorgan Structured Investments --
PS-6
Market-Linked Notes with Contingent Coupons Linked to the JPMorgan ETF Efficiente 5 Index

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Contingent Coupon with respect to a Coupon Review Date only if the Index closing level on that Coupon Review Date is greater than or equal to
the Initial Index Level. If the Index closing level on that Coupon Review Date is less than the Initial Index Level, no Contingent Coupon wil be
payable with respect to that Coupon Review Date, and the Contingent Coupon that would otherwise have been payable with respect to that
Coupon Review Date wil not be accrued and subsequently paid. Accordingly, if the Index closing level on each Coupon Review Date is less than
the Initial Index Level, you wil not receive any coupons over the term of the notes.
· THE LEVEL OF THE INDEX WILL INCLUDE THE DEDUCTION OF A FEE -- One way in which the Index may differ from a typical index is that
its level wil include a deduction from the performance of the Basket Constituents over the Cash Constituent of a fee of 0.50% per annum. This fee
wil be deducted daily. As a result of the deduction of this fee, the level of the Index wil trail the value of a hypothetical identical y constituted
synthetic portfolio from which no such fee is deducted.
· CREDIT RISK OF JPMORGAN CHASE & CO. -- The notes are subject to the credit risk of JPMorgan Chase & Co., and our credit ratings and
credit spreads may adversely affect the market value of the notes. Investors are dependent on JPMorgan Chase & Co.'s ability to pay al amounts
due on the notes, and therefore investors are subject to our credit risk and to changes in the market's view of our creditworthiness. Any decline in
our credit ratings or increase in the credit spreads charged by the market for taking our credit risk is likely to adversely affect the value of the
notes. If we were to default on our payment obligations, you may not receive any amounts owed to you under the notes and you could lose your
entire investment.
· WE MAY CEASE PAYING FURTHER CONTINGENT COUPONS AND ADJUST YOUR PAYMENT AT MATURITY IF A COMMODITY HEDGING
DISRUPTION EVENT OCCURS -- If we or our affiliates are unable to effect transactions necessary to hedge our obligations under the notes due
to a commodity hedging disruption event, we have the right, but not the obligation, to cease paying further Contingent Coupons and to adjust your
payment at maturity. In making such adjustment, the calculation agent wil determine in good faith and in a commercially responsible manner the
forward price of the embedded option representing the Additional Amount payable on the notes at maturity and the forward price of the embedded
option representing al of the potential remaining Contingent Coupons from but excluding the commodity hedging disruption date through and
including the final Coupon Payment Date (the "Option Value") as of the date on which we declare a commodity hedging disruption event (such
date, a "commodity hedging disruption date"), which may be significantly earlier than the Observation Date. If we choose to exercise our right to
determine the Option Value, we wil pay you at maturity, instead of any future Contingent Coupons and the payment at maturity calculated as
described above under "Key Terms -- Payment at Maturity," an amount equal to (1) the Option Value (which may not be less than zero) plus (2)
$1,000. Under these circumstances, you wil receive no further Contingent Coupons, the amount due and payable on your notes wil be due and
payable only at maturity and the amount you receive at maturity wil not reflect any further appreciation of the Index after such early determination.
Please see "General Terms of Notes -- Additional Index Provisions -- A. Consequences of a Commodity Hedging Disruption Event -- Commodity
Hedging Disruption Events" in the accompanying product supplement and "Supplemental Terms of the Notes" in this pricing supplement for more
information.
· POTENTIAL CONFLICTS -- We and our affiliates play a variety of roles in connection with the issuance of the notes, including acting as note
calculation agent -- the entity that, among other things, determines the Index closing levels to be used to determine your payment at maturity, as
wel as whether you wil receive a Contingent Coupon with respect to any Coupon Review Date -- and acting as index calculation agent and
sponsor of the Index and hedging our obligations under the notes. In performing these duties, our economic interests and the economic interests of
the note calculation agent, index calculation agent, sponsor of the Index, and other affiliates of ours are potential y adverse to your interests as an
investor in the notes. In addition, our business activities, including hedging and trading activities, could cause our economic interests to be adverse
to yours and could adversely affect any payment on the notes and the value of the notes. It is possible that hedging or trading activities of ours or
our affiliates could result in substantial returns for us or our affiliates while the value of the notes declines. Please refer to "Risk Factors -- Risks
Relating to the Notes General y" in the accompanying product supplement no. 6-I for additional information about these risks.
In addition, one of our affiliates, JPMS, is the sponsor of one of the Basket Constituents (the Cash Constituent). JPMS is also the sponsor of the
JPMorgan EMBI Global Core Index, which is the index underlying the iShares® JPMorgan USD Emerging Markets Bond Fund. JPMS may, as a
last resort, if there are no valid prices available for composite instruments included in the JPMorgan EMBI Global Core Index, price such
composite instruments by asking JPMS traders to provide a market bid and ask. We wil not have any obligation to consider your interests as a
holder of the notes in taking any corporate action that might affect the values of the Cash Constituent, the JPMorgan EMBI Core Index and the
notes.
· MAXIMUM CONTINGENT COUPON ON THE NOTES -- If the Index closing level on any Coupon Review Date is greater than or equal to the
Initial Index Level, the Coupon Rate used to calculate the applicable Contingent Coupon wil be 3.25% per annum, payable at a rate of 0.8125%
per quarter, regardless of the appreciation on the Index.
JPMorgan Structured Investments --
PS-7
Market-Linked Notes with Contingent Coupons Linked to the JPMorgan ETF Efficiente 5 Index

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